Shariah Board Approval for Deposit Products

Current account

Faysal Bank Limited, Barkat Islamic Banking’s Current accounts are based on the Shariah principles of “Qard”. It is a binding on Faysal Bank Limited, Barkat Islamic Banking to return a similar amount on demand for the current deposit and it guarantees such return even upon loss of the current account deposit.

Following current accounts are being offered:

Local Currency

Foreign Currency

Barkat Current Account

Barkat Current Account

Barkat Asaan Saving Account

Saving accounts / Investement Certificates

Faysal Bank Limited, Barkat Islamic Banking’s non-current/remunerative deposit products (Saving accounts/investment certificates) are based on the Shariah principles of ‘Mudarabah’.
Following are some basic rules of Shariah on which Faysal Bank Limited, Barkat Islamic Banking Mudarabah based deposit products are developed:

Under the Mudarabah mode, Faysal Bank Limited, Barkat Islamic Banking is the ‘Mudarib’ (manager of the funds) and the depositors are the ‘Rabb-ul-Maal” (owner of funds).

The Mudarib allocates the funds received from the Rabb-ul-Maal to deposit pool. These funds are provided to the customers who require financing under Islamic mode(s) of financing including but not limited to Murabaha, Istisna, Salam, Ijarah and Diminishing Musharakah.

These financing transactions and their agreements/documents are vetted and approved by the Shariah Board/Resident Shariah Board Member of Faysal Bank Limited.

The Mudarib calculates the profit of the deposit pool every month. Gross income of the deposit pool is shared between the Mudarib and Rabb-ul-Maal on the basis of pre-determined profit sharing ratio announced before the beginning of the month.

The Profit is distributed among the Rabb-ul-Maal of the pool on the basis of pre-determined weightages, announced before the beginning of the month based on their respective categories and tiers.

In case of loss, as per the rules of Mudarabah, the Rabb-ul-Maal of deposit pool shall bear the loss on the basis of their investment ratio.

On the basis of above rules and guidelines, following saving deposits products are being offered

Local Currency

Foreign Currency

Barkat Saving Account

Barkat Saving Account

Barkat Pensioner Saving Account

Barkat Islamic Investment Certificate

Barkat Asaan Saving Account

Barkat Muntazim Saving Account

Barkat Business Kamil Account

Barkat Senior Citizen Account

Barkat Paycheq Plus Saving Account

Barkat Margin Saving Account

Barkat Financial Institutions Deposit Account

Barkat Islamic Investment Certificate

Barkat Monthly Income Certificate

Barkat Institutional Investment Certificate

In our view, the above mentioned products are in accordance with the Shariah principles approved by Shariah Board of Faysal bank Limited.